Ringgit Snaps 3-Day Winning Streak To End Easier

KUALA LUMPUR, May 17 (Bernama) -- The ringgit snapped a three-day winning streak to end lower against major currencies Wednesday on technical correction and mild profit-taking following its recent gains. At 6 pm, the local note was quoted at 4.3210/3250 against the US dollar from 4.3200/3230 at 6 pm Tuesday. A dealer said the ringgit's decline was also caused by the drop in oil prices Wednesday. "Oil prices fell after industry data showed a surprise increase in US crude inventories despite the extension of the Organisation of the Petroleum Exporting Countries (OPEC)-led output cuts. "That triggered profit-taking on the ringgit," he added. Brent crude was down 15 cents at US$51.50 per barrel in late Asia trading while the US light crude slipped 26 cents to US$48.40. The ringgit was traded broadly lower against a basket of other major currencies. It fell against the Singapore dollar to 3.0977/1026 from 3.0903/0929 on Tuesday and weakened versus the Japanese yen to 3.8450/8489 from yesterday's 3.8038/8075. The local unit depreciated against the British pound to 5.5927/5996 from 5.5659/5706 and contracted vis-a-vis the euro to 4.7941/7990 from 4.7706/7756 on Tuesday. -- BERNAMA